Huge technology companies like Facebook are investing massive amounts of money into developing a fully functional metaverse. Why? Because it will be insanely profitable, and not just for the major players. Whether you have a large or small company, you can use the platform to your advantage if you’re prepared to do so. With its many features, the metaverse promises to be the perfect place to unlock the potential of your products and services, allowing you to increase sales and give your business a boost. But first, you’ll have to have the key to do so.
Before we get into how you can use augmented reality (AR) to improve your business, let’s first go over what the metaverse is: The metaverse is a parallel universe in which users can work, shop, and interact with one other in the same way they do in reality. The idea is that people will be able to hold business meetings, concerts, sports events, and other functions completely virtually, which will make it easier to host employees and attendees from all over the globe.
There’s also a crypto asset element to the metaverse, where people will be able to purchase and own digital land and use virtual currencies to buy and sell goods or services. Brands can even use the metaverse to create non-fungible tokens (NFTs) to sell within the virtual storefronts of the AR universe. Investing in these crypto assets is a potentially risky way of getting exposure using the metaverse, but there are also mainstream brands interested in this area that can be backed on the stock market.
To learn more about how brands can break into the metaverse, check out this article.
How Do You Access the Metaverse?
There isn’t a single metaverse but rather lots of different online platforms that compete for your attention and money. You can access these worlds through dedicated websites or, in some cases, with downloadable software. Users can also enter some of these worlds through virtual reality headsets. Facebook, now known as Meta, is making a big push for this technology with its Oculus Rift VR headsets.
The 7 Key Characteristics of Buying and Selling in the Metaverse that you Must Know
There are seven key characteristics of buying and selling within the metaverse that are essential to understand:
Persistence: Although people may disconnect from the metaverse, they’re still engaged with it. Just as social media and other technologies pervade our day-to-day life, the platform will be a part of our lives both when we’re connected and disconnected. For example, brands could advertise virtual products on the street or even sell replicas of real-life products, such as cars, clothing, or technological products within the AR world, blurring the lines between the metaverse and reality.
Social: The metaverse will be an extension of our social and professional lives, an evolved version of existing social networks that’s more connected to our daily lives. Within it, users will meet and communicate using digital avatars, explore new subject areas, and create content, all of which present opportunities for buying and selling goods. For example, avatars can be dressed using digital clothing available for purchase. Seeing this opportunity, some brands have already started to market and sell AR clothing.
Reactive: The metaverse allows people to react in real time and be more engaged in activities. This parallel world presents a host of opportunities for virtual experiences, like concerts, conferences, theater productions, and more, all of which can be pay-to-enter. However, unlike a real-life event, language processing and voice recognition will allow participants to be more involved in the activities, such as by making song requests or conversing directly with performers.
Decentralized: Blockchain technology is the foundation of metaverses, meaning that ownership is distributed rather than belonging to any one entity.
Interoperable: With the metaverse, there are no exclusive links for platforms and devices. Experiences, identities, and economies are interoperable between metaverses, creating a more connected world that’s easier for users to access and navigate.
No limits: There’s no cap on how many users, experiences, or worlds can exist within a metaverse. Therefore, unlike in real-life scenarios, there’s no need to worry about hitting a capacity. The “room” will increase to fit the number of interested parties.
Creativity: Both humans and artificial intelligence (AI) will be active creators of the metaverse, shaping it into whatever it needs to be. Guided by users, the metaverse can be a source of entertainment, a place to work and be productive, or both! The potential opportunities the metaverse poses are limitless. Whatever you can dream of, you can create.
What Businesses will be Most Profitable in the Metaverse?
The metaverse will completely transform the way we sell products and services on the internet, undoubtedly paving the way for new businesses to have unlimited growth potential. However, the newness of this technology might cause some hesitation and create doubt about what types of projects will succeed. For this reason, we’ve compiled a list of a few sectors that have the most potential to stand out and land sales:
Entertainment: Traditionally, the main industry using the metaverse has been the video game sector. With the arrival of AR, there have already been many innovations when it comes to gaming, and the metaverse will only increase this potential. Because of this, famous investors, such as soccer players and content creators, continue to be attracted to what the metaverse has to offer this sector.
Check out this article to learn more about how the metaverse impacts the entertainment industry.
Training/Education: Specialized training will change drastically and become more accessible thanks to the metaverse and virtual reality (VR), a key technology of the virtual universe. In fact, some initiatives have already emerged, such as virtual training programs for healthcare professionals during the pandemic.
E-commerce: The e-commerce sector will also be one of the most likely to grow after the arrival of the metaverse. With the help of AR and VR, customers can try on clothes digitally without having to go to a physical store or shop for items in an immersive market environment from the comfort of their homes, making purchasing merchandise even easier.
Financial Institutions: Trust is an asset that banks have in abundance because they’re recognized and regulated. Therefore, banks can act as trusted guardians of digital assets and provide the metaverse with credibility. Not only that, but banks can also facilitate new, easier digital payment methods, providing customers with virtual wallets that are easy to use and understand.
Pharmaceutical: Every possible business segment, institution, and enterprise has stepped inside the hyper-real virtual realm and explored intuitive ways to provide quality and value to their customers, and the healthcare and pharmaceutical sector is no different. As time has progressed and technologies have evolved, the healthcare and pharmaceutical sectors have witnessed novel interactivity, research, communication, training, and networking. For instance, pharmaceutical companies can create patient communities and social groups within the metaverse. That way, instead of talking with one another via messages or over Zoom, patients from across the globe can virtually sit in a “room” within the metaverse with those who have similar medical conditions and share their experiences.
No matter what industry you’re in, interacting within the digital universe and metaverse is already a reality. This isn’t a future problem but something that’s already relevant to those who want to stay up-to-date with current trends. However, there’s no need to fear this new frontier…or do it alone. With 27 years of experience in technology, the Tonic3 team can help you effectively enter and navigate the metaverse using best practices to improve your customer experience and teach you how to manage data for better results.
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